Qube Logistics Holdings (QUB)

Qube Logistics Holdings
share price has shed 7 per cent since reporting a full-year loss of $2.5 million on August 23. The loss was partly the result of the cost of a restructuring completed in September 2011, iwhich the company says established a corporate, management and ownership structure to support long-term growth. It was also due to other non-operating costs related to acquisitions and non-cash expenses. The performance is a different picture when the non-recurring costs are excluded, with net profit rising by 32.5 per cent to $61.5 million. Qube has embarked on an ambitious growth plan, spending about $360 million on acquisition and other capital expenditure during the year. The funding for growth has been secured by raising $85 million through a share placement and a new $550 million syndicated debt facility. The benefits of acquisitions to future earnings are expected to be realised from 2014 and onwards.